Evolv Q2 2021 Financials Examined

By Isabella Cheng, Published Aug 31, 2021, 02:03pm EDT

Having gone public earlier this year, raising nearly a half billion, Evolv released its first public financials, with Q2 2021 revenue up 590% year over year, though from a very low base.

IPVM Image

In this report, IPVM examines Evolv's Q2 2021 financials, including:

  • Evolv background and subscription details
  • Lock-in model
  • Q2 2021 revenue
  • Q2 2021 "key wins"
  • 2021 expected revenue
  • Gross margins expansion
  • Revenue breakdown (product, software, services)
  • Employee growth
  • Stock performance

******* ******** ********* ********, Evolv, **** ******, **** $1.25 ******* ************ ******** ******** ** Evolv ***** ****** *** SPAC.

Evolv **********

******* * **** ******* screening ******* **** ****** people ** ** ******* security ********* ******* ****** to ***** ***** ******* and ****. *** **** video *** ** *********** of *** *****'* ******** works:

*** ******* **** ****** via **** ** **** 19, **** ***** ******* $470 ******* ** * $1.25 ******* *********, ******* ~$4 ******* ** ******* in ****. *******, ***** has *** ****** *** on ** ******** $* billion ****** ********* *******:

IPVM Image

***** *** "*** ******* and ********" ** ***** as ** **** **, 2021, *** ***** **** ****** ** call, ******** * $** billion ***** *********** ******, annually:

**’** ********** ****** ***,*** digital ********** ** **** 400,000 ******** *********. **’** assumed * $**,*** *** year *** **** *********** revenue *********** *** **** of ***** ********** ******* a $** ******* ***** available ******.

*****'* ****** **, **** earnings ************** *** ** **** results *** *** ***** as * ****** *******.

Subscription *******

***** ****** * ********** options ** *********: "************" and "******** ************." ***** the ************ *****, ********* pay $*,***-*,*** *** * month *** *****'* ******** and ******** **** * years. ***** "******** ************," customers *** ~$**,*** ******* for *** ******** *** still **** **** * 4-year ********. **** **** pay * ***** ******* subscription *** (~$*,***) ** use *****'* ********.

Solid ** **** ******* ******

*****'* ** **** ******* grew ***% **** $*.* million ** ** **** to $*.* *******, *** company ********* ****** *** August ** ****. ** Q2 ****, ***** **** more **** ** *** in *** ** ****.

**** ** ****** ****** for *****, ****** ****** by *** ********* ** public ****** ** *** pandemic ****** ** ***** 2021.

*****'* ***,***** *******, ********* ** *** call **** ******** ******** was ****** **** ******** in **:

** * *********, ** had * ****** **** normal ***** ** ******** activity ** ** **** drove ********** ******* ****** a ****** ****** **** we ***** ********* **** seen. ** ****** **** this *** ******** * bit ** **, *** we’re ***** ** ****** modeling ********** ****** ** both *** ***** *** fourth ******** ** ****.

"Key ****" ** ** ****

***** ***,***** ******, ***** **** ** the *******'* *** ********* in ** ****:

** *** * **** strong *** ******** ********* in *** ****** ******* with *** **** ** Butler **********, *** **** Winds ******, *** *** Theatre, *** ********* *******, The ******** **** ******, Major ****** ******’* *** Crew, *** ******** **** in *** *****. ***** are ******** ****.

*** ********* ** *** US ** ***-******** ******, especially ********** ** *** into *** ******, *** a ***** ** *****, because *** ******* ******* on ********** ***** ** large ****** ************* *****. However, **** *** ***** variant *** ********* *** most ** *** ******* moving **** ****** *******, Evolv's ******** ***** ** impacted ** ********* ********* restrictions ** ****** ******.

Casinos *** ****** ******** ********** ******

*** ****** **** ****** that ******* *** ****** stadiums *** *** ********* that *** ***** ************ well:

**’** **** ******, ****** well ** ******* ** the **** ****** ** quarters. *** **** ************ sports *** *** ********* that *** ****** * higher ******, *** *** rest ** *** *** other ********* *** ********** as ********.

On ***** *** **** ******** ******* ~$** *******

*** ******* ******* ***** revenue *** **** ** "be ** *** ***** of $** ** ** million," ******* ******* ~** from **** ** ****. This ** ** **** with *** *********** ***** presented ** ***** **** when ** ********* ** was ***** ****** *** SPAC:

IPVM Image

Gross ******* ******** ** ******* ******** **** ****

***** **** **** *** gross ******* **** **.*% in ** **** ******* many ********* ***** ** purchase *** ********* *******. However, *** ******* ******* gross ******* ** **** ~50 ********** ****** ** the *** ** *** year ** *** **-**% range:

***** ****** *** **.*%, reflecting *** ******** **** of ********* **** ******** the ******** ***** ** the ****** ******* ** 2021. **** *** ********* offset ** ********* ** material *****.

** ******* ** ****** well ********** ** ***** gross ******* ** *** 70% ** **% ***** as ** **** **** and **** ****.

**-**% ***** ******* ** the *** ** **** is **** ***** ********* when ** **** ****** via ****:

IPVM Image

***** ********* ** **** that ******* **** ***** in ** **** ******* more ********* ***** *** purchase ************ ***** (*.*. buy *** ******** *******):

** ********* *** **** the ******** ******* ******* and **** ** ***** one. *** ** **** hardware **** **** **** accelerated **** ***** ***. There *** * ******** higher ********** ** ********* that **** **** *** path ** * ******** subscription ***** ** ******* to * **** ************ model. **** **** *******, you're ***** ** *** higher **** *** ***** gross ******* ** **** period.

*******, ***** ******* * "more **********" *** ** subscription *. ******** ************ customers ** *** ******. This ***** ***** ** gross *******:

** ***** ** *** expectation **** **'** *** a **** ********** ***** of **** ***** **** we **** ****** *****, and ** *** ***'* have ** **** ********* electing **** **** ** upfront ******** ******** ***** followed ** *** ***** subscription ***.

***** **** ****** ***** efficiencies **** ******* **** raise ***** ******* **** the **-**% ***** ** the *** ** *** year:

** ****** ** ** able ** ******** ** lower *** ******* **** of ********. *** ****** costs ** ******** *** that ******** ***** **** over ****, ** ** are **** ** **** advantage ** ****** *****. We *** *** ****** cheaper ** ** **** many **** ** ****, so ******** ****** ** able ** ***** **** efficiencies ** *** ****** chain.

***'** *** * **** normalized *** ** ***********, you've *** ****** *****, and **** ***'** *** other ************ **** ** would **** ** ***** through *** ****** *****. You ******* *** ***** three ******, *** ** think **** ** *** well ** * **** to **% ***** *******.

Product *. ************ *. ******** *******

***** ********* *** ******* into *******, ********, *** services ********. *** ** 2021:

  • ******* *******: $*.* *******, compared ** $**,*** ** Q2 ****
  • ************: $*.* *******, ******** to ~$***,*** ** ** 2020
  • ********: $***,***, ******** ** ~$137,000 ** ** ****

******** ***** ** *** majority ** ******* (~**%) right ***, *** ****** for *****'* *** ***** margins. *******, ***** ******* subscription ******** ** ******* expand *** **** ** nearly *** ** ******* within *** **** * years:

IPVM Image

*****, ******* ******* ** Q2 **** *** **** Q2 ****. ** ******, the ** *** ** the ****** ** *** pandemic ** ****, ***** depressed ****** ******' ***** for ******* ********. *******, product ******* *** ********* quickly, ******* ********* *** buying ***** ******** ******** and ******* ********** **** 4-year-long *********.

Headcount ******* *******, *** *** *********

***** ** ******* ******, with ********* ********** *.** within * ******, ******* the *** ** ** and *** *** ** Q2 ****.

** *** ** ****, the *** ******:

** ****** *** ****** quarter **** ************* *** employees, ******** ** ************* 50 ********* ** ***** 31, ****.

***** ****** *** ~*** employees ** *** *** of ****, ******* ********* 4x **** * ****, with *** *** ******:

*** ***** *** ** continue ** ****** ************ in ****** ** ***** the *********** *** ******* the ****** ** **** year. ** *** ***** half ** *** ****, we ***** ***** ** new ****** ** *** company. * *** ** those **** ***** ******** sales ****** *** *** plan ** ** ** the **** *** ** the ****** **** ** 2021.

***** **** **** ** is ************ ********* ** sales *** *********** *********:

**'* ***** ***** ***** we *** ****** ***** headcount ***********, ** *** critical *****. ****** *** is ** ******* ********** personnel, **** ***** ******** sales **********. **** ********* helps ** ***** *******. Number ***, **'** ****** throughout *** ***********. *&* technical ************* **** ******** to ****** *** ********** leadership ******** ** *** market, ** **'* ***** to ** ***** ********* for ** ** ******** to **** *********** ******. Those *** ***** *** where ***'** *** ** continue ** ******.

Lock-In ***** ******* **** *********

***** *** * ****-** model, **** **** ******* and *****. ******* *** software ************, *****'* ******** is *********** *******. ***** told **** *** "****** sauce" ** *** ******* is *****'* "**-***** ********" which ***** * ************:

** ****'** [*********] ****** the ******** *******, *** at *** *** ** the ************ ******** ****, if **** ***'* **** to ***** *** ******** reason, **** ******** ***** become ******** *** ***** helpful ** **** ********, because **'* *** **-***** software **** ** *** secret ***** ** **** product. **** ** **** allows ** ** ** able ** ******* ********** for *** *** ******* in *** ******** *** for ******* ** *** product. **'* *** ******** itself.

*** ** **'* ***** to **** *** ******** and ****'* ********* **** one, *** **'* *** secret ***** ****'* *** software **** ** *** don't *****, *** ***'* have ****** **. *** so, *** ***** **** what *** ***** ****** do **** **** ******** at **** *****.

**** ****-** ***** ** highly ****** ** ********* because ** ****** ********** recurring ******* ** *** long ****. ********* **** lock-in ****** *** ************ given **** ********** ******* it ******* ****** *** customers ** ****** ********, so **** *** ** stay *** ******** ***** subscriptions.

Stock **** ***** ***** ******

******* ****** ** ******* performance, *****'* ***** ** down ~**% **** *** beginning ** ******* ** July **, ****:

IPVM Image

Future *** *****

***** ****** ****** ** 2021 ******* *** ** on ***** ** ** $20 ******* ** ******* this **** ***** **** $4 ******* ** ****. This ** ** **** with *********** **** *** company ********* *** ****, so ** ** ******** that ***** ** **********. Further, ***** *** ********** launched *** ******** ********* branded ******* ********* *******. Using ******** *** ***** large ******** *********' ******** will ** ***** ** a **** *** ***** and *** ******* ** expand ************. *******, *** well *** ********* ******** works ** *******. *** company's ****** *** **** be ******** ** *** pandemic ******* ** *** future *** ****** ****** are **** ***** **** down.

Comments (1)

***** ***, * **** Evolv ***** *** ** success ** ** ***** ultimately *** ******** ** other ******** ******* *** their ********** ********** *** such.

*******, **** * *** a ******* **** ***** comments **** ** *** "total *********** ****** ** $20B ********" *** ** 2025 ** ******** ** will ** $**** ** revenue ******* **** ******* $4.5M **** *******, ** really ***** *** ******?

*** ** ** ****? The ****** ** "***" as ***** *** ****** of ********* *** ***** which **** ******** **** valuations ***** ** *** allure ** ************* *** a **** *** ** go *****. ***, ***** is ** **** **** than **** ***** * hope ***** ********* ** the **** ****** ** meet ***** ************ *** the ************ ** *** SPAC.

*) *** **** ****** sales ****** ****** *** world? **** **** ** LinkedIn * *** ** open ***** ** *** US, *** **** ***** aspirations **** **** **** local ***** ** **** and ******* ***** ******** speaking *** ***** ********? This ** **** **** challenging **** ***** ************.

*) ***** ** ****** / *******. **** *** needs ** ** *********.

*) ******* ********* *********

*) ************* ************. ***** are ** ********** ** this *** ************ **** may ** * ********* with ********* *********

*) *********** *******. *'** seen ***** **** ***** a *** *** ** increase ** ******.

*) ********* ** ******* the ****** **** ** HR *********, ***'*, ******* platforms, ********* *********....

*** ** *****.

*****, * **** **** success *** ***** *** some *** *********** ** such ** ***** ****.

Agree: 1
Disagree
Informative
Unhelpful
Funny
Read this IPVM report for free.

This article is part of IPVM's 7,264 reports and 968 tests and is only available to subscribers. To get a one-time preview of our work, enter your work email to access the full article.

Already a subscriber? Login here | Join now
Loading Related Reports